Johnson Controls, Inc. (JCI)

[sumisu]

Johnson Controls profit rises 11 percent

The Business Journal of Milwaukee

Thursday, July 17, 2008 - 11:11 AM CDT

http://milwaukee.bizjournals.com/milwaukee/stories/2008/07/14/daily36.html?ana=yfcpc

Johnson Controls Inc. reported Thursday that net income for the fiscal third quarter increased 11 percent, backed by double-digit income growth in all three of its businesses.

The Glendale-based provider of facility management systems and automotive interiors and power products reported net income for the three months ended June 30 of $439 million, or 73 cents per share, compared with $396 million, or 66 cents per share, for the same period a year ago.

Net sales for the company increased to $10 billion from $8.9 billion.

Johnson Controls (NYSE: JCI) posted operating income growth in its building efficiency, automotive experience and power solutions businesses of 10 percent, 11 percent and 22 percent, respectively.

The firm said its building efficiency unit, which posted sales growth of 13 percent, is benefiting from higher energy prices as customers are looking for more efficient facility management systems. Automotive experience sales were up slightly, with sales growth in Europe and Asia offsetting the 15 percent decline in North American sales resulting from the sagging domestic automotive industry.

The power solutions segment saw sales rise 36 percent mainly because of higher unit prices resulting from an increase in the price of lead.

For the nine months ended June 30, net income increased to $963 million, or $1.60 per share, compared with $786 million, or $1.32 per share, the year before. Net sales increased to $28.8 billion from $25.6 billion.

The company is forecasting fourth-quarter earnings of 72 cents to 74 cents a share. That would be down from 78 cents per share a year ago. For the full year, earnings are expected to be between $2.32 and $2.34 a share, an increase of 10 to 11 percent compared with a year ago.